Abu Dhabi, 15th September, 2010: al hilal bank, the UAE's progressive Islamic bank, announces that it has been appointed as an Islamic Term Arranger for the Emirates Steel Industries PJSC's Islamic Tranche  of its $1.1 billion Project Financing deal.

The financing deal comprised of a $733 million limited-recourse facility from seven conventional banks and a $367 million Ijara (lease) facility from two Islamic banks, al hilal bank's participation in the deal is of USD 117 Million. Funds will be utilised to finance ESI's capital expenditures for its expansion plans for additional manufacturing facilities

Commenting on the subject, Mr Mohammed Jamil Berro, CEO, al hilal bank, said:

"We are delighted to play a significant part in the completion of the project finance deal. This deal is a continuation of an ongoing flow of deals al hilal bank has participated in to provide institutions with Islamic financing solutions and to support various important sectors of the UAE's economy".

"This transaction also comes in line with al hilal's commitment to Abu Dhabi's vision 2030 and supporting the Emirate's strategic and vital business initiatives".

Stephen Pope, Chief Financial Officer of ESI, commented "We are delighted to have al hilal as one of our lending group. Having both an Islamic and a Conventional tranche the deal structure was complex; in this context we were very pleased with the professionalism and support received from the al hilal team to help us close the deal."

Established In September 2006, Emirates Steel Industries is100% owned by General Holding Corporation.

-Ends-

About Al Hilal Bank:
Al Hilal Bank is owned in full by the Abu Dhabi Investment Council, which is the investment authority of the Government of Abu Dhabi. The bank is working with an authorized capital of AED 4 billion, and is authorised to operate as an Islamic trading bank. Al Hilal Bank aims to become the leading financial institution in the region and to increase the growth of Islamic banking with a new direction, towards new technologies and special services. Al Hilal Bank has 16 branches and a strategic expansion plan which aims to establish 20 branches by the end of 2010 across the United Arab Emirates.

For more information:
al hilal bank
Mariam Yousef Ahli
Public Relations Manager
Email: myahli@alhilalbank.ae
Mob: 050 744 77 55
 
Brunswick Gulf
Said Elbanna
Email: selbanna@brunswickgroup.com
Tel.: 04 365 8260

© Press Release 2010